Mary Powell, CEO of Sunrun Joins President Biden to Commemorate the Historic Passage of the Inflation Reduction Act

Rhea-AI Summary

Sunrun CEO Mary Powell joined President Biden at The White House to celebrate the Inflation Reduction Act, which allocates $369 billion to combat climate change. Powell emphasized the role of clean energy systems in enhancing grid stability and affordability amidst rising electricity rates, which are nearly 16% higher than last year. She highlighted potential savings of up to $1,800 per year for households adopting solar energy. With 33% year-over-year growth in solar capacity, the IRA's tax incentives will likely boost demand for rooftop solar and battery storage.

Positive

• 33% year-over-year growth in Solar Energy Capacity Installed.
• Record-high sales activity reported in July.
• Inflation Reduction Act provides a 10-year extension of the 30% solar tax credit.
• $7,500 credit for new electric vehicles and $4,000 for used electric vehicles.

Negative

• None.

Powell joined Clean Energy for America to discuss the historic investments and impact on working families, local economies, and environment

SAN FRANCISCO, Sept. 13, 2022 (GLOBE NEWSWIRE) -- Mary Powell, CEO of Sunrun (Nasdaq: RUN), the nation’s leading home solar, battery storage, and energy services provider, today joined President Joe Biden at The White House to celebrate the passage of the historic Inflation Reduction Act (IRA), which invests $369 billion to fight climate change.

During her visit, Powell spoke alongside other industry leaders, where she discussed the importance of clean home-based energy systems to fortify the nation’s grid and more affordably and resiliently respond to climate change. She also addressed the impact the IRA will have on the growing demand for rooftop solar, battery storage and electric vehicles as extreme weather threatens the grid and home electricity rates surge to nearly 16% higher than last year. Powell highlighted how Americans can find relief from inflation by taking advantage of programs and incentives in the IRA to switch to cleaner, cheaper solar energy, home heating, cooking, and vehicle technology, which can save households up to $1,800 per year.

“We are seeing an unprecedented rise in energy inflation, wildfires, heat waves and freezing temperatures, and they are all creating demand for rooftop solar and battery storage,” Powell said. “I applaud the passage of the Inflation Reduction Act because it drastically increases access to clean, reliable, and, in particular, affordable sources of energy. American families can now take advantage of new tax incentives for home solar, batteries, heating, electric vehicles and so much more. It’s a huge win for the American people.”

Sunrun has seen increasing demand for its products, including record-high sales activity in July and 33% year-over-year growth in Solar Energy Capacity Installed, as reported in the company's second quarter earnings. Strong growth trends in residential solar are expected to accelerate with the passage of the IRA, which provides a 10-year extension of the 30% solar tax credit as well as a $7,500 credit for new electric vehicles and a $4,000 credit for used electric vehicles. Solar and battery storage projects installed in low-income areas can receive an additional 10% bonus tax credit, and projects installed on affordable multifamily housing can receive an extra 20% bonus tax credit.

About Sunrun
Sunrun Inc. (Nasdaq: RUN) is the nation’s leading home solar, battery storage, and energy services company. Founded in 2007, Sunrun pioneered home solar service plans to make local clean energy more accessible to everyone for little to no upfront cost. Sunrun’s innovative home battery solutions bring families affordable, resilient, and reliable energy. The company can also manage and share stored solar energy from the batteries to provide benefits to households, utilities, and the electric grid while reducing our reliance on polluting energy sources. For more information, please visit www.sunrun.com.

Media Contact
Wyatt Semanek
Senior Manager, Public Relations
press@sunrun.com

Investor & Analyst Contact
Patrick Jobin
Senior Vice President, Finance & IR
investors@sunrun.com

FAQ

What is the significance of the Inflation Reduction Act for Sunrun (RUN)?

The Inflation Reduction Act provides substantial tax incentives that are expected to increase demand for Sunrun's solar and battery products.

How much can households save by switching to Sunrun's solar energy?

Households can save up to $1,800 per year by utilizing clean energy programs in the Inflation Reduction Act.

What growth has Sunrun experienced recently?

Sunrun reported a 33% year-over-year growth in Solar Energy Capacity Installed and record-high sales activity in July.

How does the Inflation Reduction Act impact electric vehicle purchases related to Sunrun?

The act includes a $7,500 tax credit for new electric vehicles and a $4,000 credit for used electric vehicles, promoting clean energy adoption.

What role does clean energy play in addressing current energy inflation?

Clean energy systems are essential for providing affordable energy and mitigating the impacts of rising electricity costs due to energy inflation.